"This is a terrific incremental product, but I don't need one," he said. "I think it's great they have a new product. GE probably has some new products, too."

"This is an incremental positive in a stock that doesn't need an incremental positive. The stock needs more," he said. "I'm looking for new dividends, new buybacks, and new acquisitions — I'm looking for something that is not incremental. "

Despite his disappointment in the new iPad, Cramer still thinks Apple stock is still inexpensive, an argument that he's been making since the company's underwhelming earnings last week.

"Apple is inexpensive, selling at 8.9 times earnings. I can make an investment case for it, but that's not what people want. They want something exciting," he said. "Saying the stock is inexpensive is one thing, trading through [multiples] like Intel and Microsoft is wrong."

Other stocks Cramer was talking about this morning:

Yahoo: "This was a quarter about stability and attracting the right people. Mayer made people want to work there," he said. Listening to the Yahoo conference call, he was excited. "There are so many things that can go right here. After this call, momentum is coming and I want to stay with Yahoo."

Ford Motor: "When things go bad, they go bad," Cramer said about Ford's problems in Europe. "It was just horrendous," he said, "it was a downer and it was a shame, because the rest of the world is doing well for them." Cramer said that the U.S. government should "speak out" on this situation and noted that the company is hiring in the U.S. and cutting back in Europe. "I want to see what this means for GM, who should be ahead of Ford in turning Europe into less of a loss," he said.